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'... the construction of fossil fuel infrastructure, including the planned liquefied natural gas (LNG) plant earmarked for the Shannon estuary area, will be halted ...'
https://www.irishtimes.com/news/ireland/irish-news/government-deal-includes-money-for-cycling-bus-projects-7-target-and-retrofit-of-500-000-houses-1.4278782
What do you make of that unconfirmed report, JS?
Nothing personal, hasiba, but I think your arguments make no sense.
The market, like people, is fickle.
You may as well try to explain why the market once valued Van Gogh's paintings at zero by alleging that his brother marketed them incompetently.
'21Q1 - GLA production increased to 40k bopd'
I remember HUR saying that it hoped to reach 20 kbopd in 2022.
You're seriously saying, hasiba, that when the price was 64.5p, the market was expecting about 50,000 bopd within nine months and that when production nine months later was 'only' 20,000 bopd, it valued the shares at 8p?
That's unbelievable.
'The market is almost always right in valuing and company at a time .'
If you're saying that the market is almost always right in its valuation at any particular time, then you are saying that the market was right to value HUR's shares in the 60s in three successive years before it had even produced any oil.
You are also saying that the market was right to value HUR's shares at 8p when it was producing 20,000 bopd.
'RT was overrated IMHO, particularly when it came to HUR as a business, and present SP surely reflects same.'
The share price reflects the irrationality of AIM.
The SP reached the 60s in three successive years.
What did those share prices reflect?
I couldn't disagree more with you, Jacdaniels.
RT is allegedly responsible for the collapse from 64.5p to 6p, but apparently not entitled to any credit for the rises from 8.85p to 67.5p and 24p to 64.5p!
It is obvious that the AIM market is not rational and it is all too easy to blame the CEO.
You say HUR need to pump as much oil as possible to prove it is a viable company, but there is historically no correlation between HUR's production figures and share price.
Production was zero at 64.5p in June last year, 20 kbopd at 8p in March of this year, and is now 12 kbopd at 7p.
'I am furious that Trice has got away with his claims. He was the competent person for signing off the RNS s but it now seems that the he was incompetent as the last RNS mentions the owc will be looked at as it may not be as good as Trice claimed.'
Completely unfounded.
The fact that the new BOD is going to 'look at' something does not mean that Trice was incompetent.
Further to your last comment, JB, if HUR were able to produce from a new 7 well at similar rates to those obtained from the first two wells, then couldn't one reasonably expect the combined production from 6 and new 7 to be in the region of 30 kbod?
You misunderstood me!
I was complimenting you on your syntax.
English usage isn't what it used to be and; since the Americans have now made the splitting of infinitives compulsory (Trump has probably decided 'to officially' make splitting compulsory), Hamlet would now say:
'To be or to not be...'
Back to the HUR BOD: you think Kerogen were behind RT's removal but not because he was focusing too much on proving up reserves, as they want the same thing.
I see you share my opinion, expressed in an earlier post, that the idea was to remove RT from his post as CEO, but not to remove him altogether.
Thanks for your reply.
Even without knowing that you have been investing for half a century, it's obvious that you're not a youngster from your syntax!
'I think you are probably wrong about what is behind RT leaving'
I wasn't citing my opinion.
If you're right, presumably the largest shareholder cannot be happy about RT's departure.
'Their decision to change their Hur director ...'
Who are the 'they' in 'their'?
' being far more into explo than production, I am most interested in the ongoing data from the EPS. In that regard, post RT's departure, I am probably going to be disappointed with the future.'
Why? Because the new BOD is more interested in production than exploration?
'the largest investor here is more interested in reserves growth than the current share price.'
It has been suggested that one of the motives for removing RT was that he was too interested in proving up reserves and insufficiently interested in the share price.
Are the reserves low and would there be rapid depletion (presumably of reserves)?
Are you really saying, Careful, that the price has been manipulated downwards by major shareholders, to weaken RT's position?
Mr Trice said: “We are delighted with the results of the Lincoln Crestal well. We have confirmed the presence of light oil which can be produced at commercial rates.
https://www.energyvoice.com/oilandgas/north-sea/207570/hurricane-delighted-with-discovery-of-light-oil-at-lincoln-crestal/
'GWA is a dead duck in my view. yes there was some oil but it is not commercial and therefore needs to be abandoned as cheaply as possible.'
Lincoln Crestal flowed 9,800 bopd.
That's a lot for a dead duck.
HUR was considering going it alone with a tie-back of a well from the GWA, bearing the whole cost itself, apparently even if it had to be a well other than LC.
That was when oil prices were higher and production at 20 kbopd.
Now that the BOD has said it wants to increase production and keep costs down, doesn't that suggest they would have to find a new partner to replace Spirit?
Yes, Genghis, I did read before about the debottlenecking, even though I don't know what it is.
I know that the articles I quoted from were assuming the joint venture with Spirit would continue, but now it is on hold and in doubt.
This, presumably, is one of the issues the new BOD is looking at afresh.
It may be, Double, that the coup plotters' intention was to retain RT on the BOD, but he refused to remain in any position other than that of CEO.
I suspect that there was a clash over the future direction of the company and that this led to his removal.
Maybe, as someone speculated, it had something to do with HUR's giving up total control of Lancaster.
Like you, I'm sorry to see RT go, but major shareholders want to see a return and they think the new BOD can do better.
I'm not in either camp; I'm awaiting developments and hoping the new BOD comes up with some promising ideas and deals.
Did you mean 16,500 rather than 15,600, SSB?
I'm also confused by all the information about LC and it is doubtful that it will ever become a producer, but we will have to wait for a final answer.
It was part of HUR's plan to increase production to 40 kbopd, but they also had plans to produce from another well and the latest RNS mentions the need to increase production, which means they still intend to find ways to reach that target.
One of the wells on the GWA, due to be drilled next year, will be tied back to the Aoka Mizu, allowing for the crossreading of data on the two areas to gain clues about future production.
Hurricane also hopes that linking the two projects will double the Aoka Mizu’s capacity to around 40,000 barrels per day.
Hurricane hopes to confirm by 2025 that both projects will add net reserves of 750 million barrels to its portfolio.
https://uk.reuters.com/article/uk-hurricane-energy-centrica-spirit-ener/spirit-buys-into-hurricane-energy-north-sea-fractured-oilfield-idUKKCN1LJ0PR
Hurricane said the deal means these assets will be developed years before they otherwise would have been and says first oil from the Greater Warwick Area is expected in the final quarter of 2020, when a final investment decision will be made. If it pushes ahead then Hurricane will also expand the capacity on the FPSO from 30,000 barrels per day to 40,000 barrels by the end of 2020.
https://www.ig.com/en/news-and-trade-ideas/shares-news/hurricane-energy-share-price--from-first-oil-to-sustainable-prod-190605
Debottlenecking work will be undertaken in 2021, to be available for the additional throughput from the Lancaster and Lincoln wells. Total throughput on the Aoka Mizu FPSO is expected to be 40,000 barrels of oil per day, before operational downtime, from 2022 onwards.
Hurricane is currently in discussions with Spirit Energy for the potential use of the Transocean Paul B. Loyd Jr. rig, which has been contracted by the GWA joint venture for 2020 activity, to accelerate the drilling of a third horizontal producing well in the Lancaster field in order to minimize the time that the rig is standing idle.
https://www.offshore-energy.biz/hurricane-to-focus-on-lancaster-and-lincoln-wells/
Although future production from Lincoln Crestal is now in doubt, it is clear that HUR is planning to raise production to 40 kbopd during the next few years.